Just been looking at Sandisk's chart and there's something interesting happening here. The stock gained another 10% back in February, which honestly isn't shocking given what we've been seeing across the memory sector lately.

What caught my attention though is the bigger picture. This thing is up over 1,000% in the last six months. That's absolutely wild. And it's not random - the memory chip shortage from all the AI demand has been brutal, which means prices have stayed elevated. Sandisk's been the biggest beneficiary partly because it's way smaller than the established players like Micron, so percentage gains hit harder.

February itself wasn't particularly eventful for the company. No major announcements, just normal stock fluctuations tracking with the broader memory and AI sectors. They did do a secondary offering but that was Western Digital's shares, not new capital for Sandisk itself. The stock just kind of meandered through the month but still managed to finish with solid gains.

Here's what's actually interesting though - CEO David Goeckeler was talking about locking in long-term supply agreements with data center customers. That's smart positioning. The memory market is notoriously cyclical, so if they can secure those relationships now while demand is crazy, it gives them stability when things eventually normalize.

The numbers look decent on the surface. Analysts are projecting revenue could more than double to $15.5 billion and EPS around $39.84 by fiscal 2026, which puts the forward P/E under 16. Not terrible valuations for a growth story.

But here's the skepticism I'm seeing - and it's valid. Citron Research is actually short the stock, arguing that Sandisk is basically selling commodity memory chips in a cyclical industry. They've only been public for about a year since spinning off from Western Digital, so the track record as an independent company is basically nonexistent. The market also didn't seem that impressed with their solid-state drive upgrades.

So the real question is whether they can actually build something sustainable or if this whole run is just riding the supply crunch wave. When the memory market normalizes - and it will - does Sandisk have the product differentiation and business model to keep performing? That's still very much an open question. For now, the stock will probably keep dancing with memory chip prices and whatever product moves they announce.